If you hold or are looking to buy XRP, you need a secure wallet, such as the Xaman Wallet. The wallet has rebranded from XUMM to Xaman and has simultaneously upgraded its features, offering multi-network support and a fresh identity. Here’s a detailed walkthrough on how to use the Xaman Wallet.
KEY TAKEAWAYS
➤ The Xaman Wallet, formerly XUMM, offers features like multi-network support, Xahau integration, and an easy to use interface.
➤ It provides security through multi-signature support for XRPL, biometric authentication, and open-source development for transparency.
➤ The wallet supports over 8,300 cryptocurrencies on XRPL and Xahau, which allows for the management of assets within the ecosystem.
➤ As a free, mobile-based software wallet, Xaman competes effectively with hardware wallets while prioritizing security and ease of use.
How does the Xaman Wallet work?
To understand how the Xaman Wallet works, you must first know how to set up a crypto wallet. To set up the Xaman Wallet, follow these steps:
- Download the Xaman app from the Play Store or Apple Store by clicking “Install.” Remember, your phone should be higher than an Android v7 or iOS v13.
- Click on “Start,” then set a passcode.
- Set up your biometric authentication by clicking “Yes.”
- Click “Enable Push Notifications” to receive notifications for any incoming transaction requests requiring your approval.
- Read the provided information and ensure you understand before clicking the “I understand” checkbox after every prompt.
- Tap on “Confirm” after reading all the information on the Terms of Service for the XUMM mobile app.
- Click on “Add account” to create or import an existing account.
- Tap on “Create new account” and follow all the prompts by clicking “Next.” You will then receive a public address for your new account.
What is Xaman Wallet?
The Xaman (formerly XUMM) wallet is an XRP Ledger non-custodial wallet. The XRP Ledger is a blockchain that connects developers and businesses. As a non-custodial wallet, the Xaman Wallet gives you full control of your private keys, crypto assets, and funds.
The wallet is privately owned by XRPL Labs, which received seed funding from Ripple to build Xaman apps on the XRP Ledger. Users can interact with third-party XApps and tools built on the XRP Ledger via the Xaman Wallet.
Xaman Wallet features
The 2.6.0 upgrade was completed on Dec. 18, 2023, bringing a number of notable enhancements. Key features include:
- Intuitive and user-friendly interface: The wallet’s user-friendly interface makes it simple for crypto enthusiasts of all levels of expertise, whether beginners or experts, to use.
- Multi-signature support for XRPL only: You can set up multiple signatures for transactions on XRPL as a security measure using Xaman since it is a multisig wallet. If a malicious party compromises one signature, they cannot access your assets and funds. The reason is that to complete a transaction, you must present the other signatures.
- Multi-network support: The Xaman Wallet supports more than just the XRP network. It helps other networks running on XRPL networks like Xahau. By effortlessly transitioning between different networks, you have flexibility and versatility in managing your XRP assets.
- Supports various cryptocurrencies: Xaman Wallet supports over 8,300 cryptocurrencies on XRPL and Xahau. Therefore, the Xaman wallet supports the token as long as it is issued on XRPL or Xahau.
- Xahau integration: Xahau is a sidechain for the XRPL ecosystem with innovative features like Hooks. Hooks on the Xahau network are lightweight smart contracts that you can use as extensions for various functions. For instance, you can automatically send or receive payments, hold funds in escrow, and design custom decentralized exchanges (DEXs) like automated market makers (AMMs).
How does Xaman Wallet fare against competitors?
Comparing the Xaman Wallet against other XRP wallets shows it fares quite well. This is particularly evident when it’s placed alongside prominent cold wallets. Here’s a comparison chart that includes Xaman Wallet and major XRP cold wallet solutions, such as the Trezor Model T and Ngrave ZERO.
| Feature | Xaman (XUMM) | Trezor Model T | Ngrave ZERO |
| Type | Software (hot) wallet | Cold storage wallet | Hardware (cold) wallet |
| Security | Non-custodial with multi-signature support for XRPL only | Offline storage that requires a PIN code and passphrase. However, it is not completely an air-gapped crypto wallet because it is vulnerable to security risks when connected to the internet. | Offline storage that requires a PIN code and passphrase. However, it is not completely an air-gapped crypto wallet because it is vulnerable to security risks when connected to the internet. |
| Compatibility | Over 8,000 coins on the XRP Ledger and Xahau | Over 1,800 cryptocurrencies and tokens | Thousands of cryptocurrencies and tokens |
| Benefits | Enables XApp integration and multi-currency support | Offers staking, earning, and DApp integration | Offers staking, earning, and DApp integration |
| Price | Free | $179 | $398 |
What are the pros and cons of the Xaman Wallet?
Here are several reasons why using the Xaman (XUMM) wallet for your XRPL and Xahau assets may be ideal or not:
| Pros | Cons |
|---|---|
| It supports all XRP Ledger tokens and tokens issued on the Xahau sidechain. | It can lead to permanent loss if you lose your keys due to user error. |
| It has a user-friendly interface with multiple language options. | It is limited to the XRPL and Xahau ecosystems and doesn’t support popular coins like Bitcoin or Ethereum. |
| It has multi-signature support for additional security but only for XRPL, not Xahau. | It may require some technical knowledge for advanced features. |
| It has a mobile payment app for convenient access for Android and iOS. | The multi-signature feature is not active for the Xahau network. |
| It has low transaction fees for XRP and most XRPL tokens. |
Is the Xaman app secure?
The Xaman Wallet features a number of security features. It is built on blockchain technology, which minimizes the risk of third-party access or breaches.
- It is available to developers since it has open-source code. Therefore, the developers can address potential security vulnerabilities easily.
- It leverages multi-signature support for only XRPL to authorize transactions. Consequently, you can establish a smart contract with specific conditions, such as requiring approval from more than three signatures.
- Has biometric authentication, including face ID and fingerprint recognition.
Safeguarding your XRP is easy with Xaman Wallet
With its latest upgrade, the Xaman Wallet has established itself as a competitive and trustworthy option in the cryptocurrency sector. Overall, the wallet offers users a smooth and secure experience within the XRP ecosystem, facilitating transactions seamlessly. Remember to always practice good crypto wallet security and only click on official links to download the wallet to avoid phishing attacks and crypto scams.
Frequently asked questions
Is the Xaman Wallet safe?
What does the Xaman Wallet do?
Does XUMM require KYC?
Who owns XUMM?
Is the Xaman Wallet considered cold storage?
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